On April 3, 2026, NexPoint Diversified Real Estate Trust OP, L.P. (the "OP"), the operating partnership of NexPoint Diversified Real Estate Trust (the "Company"), entered into a participation agreement side letter (the "Side Letter") with NexPoint Real Estate Finance Operating Partnership, L.P. ("NREF"). This agreement allows the OP to purchase an undivided participation interest in a $962,000 principal amount of a Secured Promissory Note, dated January 16, 2026. The note, which is secured by a first priority lien on certain income streams and related deposit accounts, bears an interest rate of 14% per annum, payable in kind, and is interest-only during its term, maturing on January 16, 2031. As of April 3, 2026, the Company owned approximately 53.02% of the total outstanding shares of common stock of NexPoint Storage Partners, Inc. ("NSP") and has guaranteed certain obligations of NSP. This transaction is expected to enhance the liquidity position of the Company, allowing it to participate in future advances under the NSP Note, which has a borrowing capacity of up to $40 million. The OP, along with other note purchasers, retains the right to participate in future advances, which could positively impact the Company's financial flexibility and operational execution moving forward.

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